Market Newsdesk

EL SEGUNDO, Calif., July 23, 2021 (GLOBE NEWSWIRE) — Landmark Infrastructure Partners LP (the “Partnership”) (NASDAQ: LMRK) announced today that the board of directors of its general partner declared a cash distribution of $0.20 per common unit, or $0.80 per common unit on an annualized basis, for the quarter ended June 30, 2021. The distribution is payable on August 13, 2021, to common unitholders of record as of August 3, 2021.

The Partnership plans to publicly release its second quarter 2021 earnings results prior to the opening of U.S. financial markets on Wednesday, August 4, 2021. Interested parties are invited to listen to a conference call hosted by management discussing the Partnership’s earnings results. The conference call will be limited to management’s prepared remarks, with no question-and-answer session following the remarks.

Webcast Information

Event: Q2 2021 Landmark Infrastructure Partners LP Earnings Call
Date: Wednesday, August 4, 2021
Time: 12:00 p.m. Eastern Time
Webcast: https://edge.media-server.com/mmc/p/pq8ybeft

Conference Call Information

U.S. and Canada: 877-930-8063
International: 253-336-7764
Participant Passcode: 6179776

Replay Information

A webcast replay will be available approximately two hours after the completion of the conference call through August 4, 2022 at https://edge.media-server.com/mmc/p/pq8ybeft.

An audio replay is also available through August 13, 2021.
Dial-in: 855-859-2056 or 404-537-3406
Participant Passcode: 6179776

About Landmark Infrastructure Partners LP

The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, digital infrastructure, outdoor advertising and renewable power generation industries.

Notice

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that zero percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business, and we believe that 100 percent is attributable to dividend income from a real estate investment trust subject to withholding under Internal Revenue Code Section 1441. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The distribution consists of the following components:

Common Units
Effectively Connected Income	$0.00
U.S. Dividend Income from REIT	$0.20

Cautionary Note Regarding Forward Looking Statements

Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020, as supplemented by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.

CONTACT:	Marcelo Choi
	Vice President, Investor Relations
	(213) 788-4528
	[email protected]

 

UNITY management team and Dr. Bhisitkul to discuss initial safety and efficacy data supporting improvements in vision and structure seen in patients treated with a single dose of UBX1325

UNITY to host conference call on July 27, 2021, at 8:00 a.m. PT (11:00 a.m. ET)

SOUTH SAN FRANCISCO, Calif., July 23, 2021 (GLOBE NEWSWIRE) — UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today announced that it will host a webcast for investors and analysts on July 27, 2021 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss clinical data from the Phase 1 study in diabetic macular edema (DME) and wet age-related macular degeneration (AMD) patients treated with a single injection of UBX1325.

At this webcast, Robert Bhisitkul, M.D., Ph.D., professor of ophthalmology and director of the Retina Fellowship at University of California, San Francisco, and members of UNITY senior management will present on recent safety and initial efficacy signals from UBX1325, including rapid improvements in best-corrected visual acuity (BCVA), central subfield thickness (CST), and sub- and intra-retinal fluid (SRF, IRF) – all key clinical measures of disease progression, observed in a majority of trial subjects.

“As we announced on July 6, UBX1325 had a favorable safety and tolerability profile and we saw improvements in vision and retinal structure in patients treated with UBX1325 in our Phase 1 study,” said Anirvan Ghosh, Ph.D., chief executive officer of UNITY. “We look forward to having Dr. Bhisitkul share his insights and observations following the review of patient data and images. We are excited to continue exploring this novel senolytic mechanism in DME and wet AMD patients as a potential disease-modifying alternative and complement to anti-VEGF treatments.”

Based on previous data announced, UNITY is currently enrolling additional patients with advanced wet AMD in the Phase 1 study to gather additional data to support a potential Phase 2a study in wet AMD. A parallel Phase 2a study in DME is currently enrolling, with information about that trial available here.

Conference Call Information

UNITY will host a conference call and webcast for investors and analysts on Tuesday, July 27, 2021, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the UBX1325 clinical data. The live webcast can be accessed in the “Investors and Media” section of our website, www.unitybiotechnology.com, under “Events & Presentations” or by clicking here. You may also listen to the call by dialing (877) 235-8637 within the U.S. or (704) 815-6400 outside the U.S. and providing conference ID 7296381. A replay will be available two hours after the completion of the call and can be accessed in the “Investors & Media” section of our website, under “Events and Presentations.”
  
About UBX1325
UBX1325 is an investigational compound being studied for age-related diseases of the eye, including diabetic macular edema (DME), age-related macular degeneration (AMD), and diabetic retinopathy that is not approved for any use in any country. UBX1325 is a potent small molecule inhibitor of Bcl-xL, a member of the Bcl-2 family of apoptosis regulating proteins. UBX1325 is designed to inhibit the function of proteins that senescent cells rely on for survival. In preclinical studies, UNITY has demonstrated that targeting Bcl-xL with UBX1325 preferentially eliminated senescent cells from diseased tissue while sparing cells in healthy tissue. UNITY’s goal with UBX1325 is to transformationally improve real-world outcomes for patients with DR, DME, and AMD.

About UNITY
UNITY is developing a new class of therapeutics to slow, halt, or reverse diseases of aging. UNITY’s current focus is on creating medicines to selectively eliminate or modulate senescent cells and thereby provide transformative benefit in age-related ophthalmologic and neurologic diseases. More information is available at www.unitybiotechnology.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements including statements related to UNITY’s understanding of cellular senescence and the role it plays in diseases of aging, the potential for UNITY to develop therapeutics to slow, halt, or reverse diseases of aging, including for ophthalmologic and neurologic diseases, our expectations regarding potential benefits, activity, effectiveness, and safety of UBX1325, the potential for UNITY to successfully commence and complete clinical studies of UBX1325 for DME, AMD, and other ophthalmologic diseases, the expected timing of results of our studies of UBX1325, the timing of the expected commencement, progression, and conclusion of our studies including those of UBX1325, and UNITY’s expectations regarding the sufficiency of its cash runway. These statements involve substantial known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements, including the risk that the COVID-19 worldwide pandemic may continue to negatively impact the development of preclinical and clinical drug candidates, including delaying or disrupting the enrollment of patients in clinical trials, risks relating to the uncertainties inherent in the drug development process, and risks relating to UNITY’s understanding of senescence biology. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. The forward-looking statements in this press release represent our views as of the date of this release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this release. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of UNITY in general, see UNITY’s most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed with the Securities and Exchange Commission on May 11, 2021, as well as other documents that may be filed by UNITY from time to time with the Securities and Exchange Commission.

Media
Canale Communications
Jason Spark
[email protected]

NEW YORK, July 23, 2021 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR). If you are a shareholder of James River with more than $50,000 in losses, you should contact the Firm.

James River is a holding company that owns and operates a group of specialty insurance and reinsurance companies.  Its largest segment, Excess and Surplus (“E&S”) Lines insurance, focuses on insureds that generally cannot purchase insurance from standard lines insurers due to perceived risks related to their businesses. Included in this E&S Lines segments is James River’s Commercial Auto Division.  In 2014, James River ramped up its Commercial Auto Division by underwriting a new type of insurance policy that covered Rasier LLC (“Rasier”), a subsidiary of the ride-sharing company, Uber Technologies, Inc. (together with Rasier, “Uber”). 

On July 31, 2019, James River issued a press release that assured investors that James River was adequately reserved against its Uber policies and that the defendants were “comfortable” with James River’s E&S Lines reserves.  However, after the market closed on October 8, 2019, James River announced that it had delivered a notice of early cancellation, effective December 31, 2019, for all insurance policies issued to Uber, though James River would remain contracted to provide coverage for future claims related to the period the Uber polices were in effect.  Throughout the Class Period, the defendants repeatedly assured investors that the legacy contract posed no challenges to James River.

On May 5, 2021, James River shocked the market by disclosing an additional $170 million of unfavorable reserves related to the Uber policies. In order to cover its losses, James River announced that it was seeking to raise $175 million through a public equity offering, which was priced at “the sector’s steepest discount ever” according to Bloomberg.

Following this news, James River’s stock price dropped $12.27 per share, or 26.83%, from a closing price of $46.50 per share on May 5, 2021 to a closing price of $34.23 per share on May 6, 2021.

A securities class action has been filed against James River and several of its officers in the United States District Court for the Eastern District of Virginia, on behalf of investors who acquired the Company’s common stock. The Complaint alleges that throughout the Class Period, the defendants failed to disclose that: (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated its true exposure to Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber polices; and (4) as a result, the defendants’ statements about James River’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

If you purchased James River securities between August 1, 2019 and May 5, 2021, inclusive, you have until September 7, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. To participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at [email protected].  

Whistleblowers: Persons with non-public information regarding James River should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.

Contact

Lowey Dannenberg P.C.
44 South Broadway, Suite 1100 
White Plains, NY 10601
Tel: (914) 733-7256
Email: [email protected]

ZEELAND, Mich., July 23, 2021 (GLOBE NEWSWIRE) — Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the three and six months ended June 30, 2021.

2nd Quarter 2021 Summary

• Net sales of $428.0 million, an 86% increase compared to the second quarter of 2020
• Gross profit margin of 35.4%, a 1,631 basis point (16.3 percentage point) improvement over the second quarter of 2020
• Net income of $86.5 million, an $88.9 million increase compared to the second quarter of 2020
• Earnings per diluted share of $0.36, compared to a loss per diluted share of $.01 for the second quarter of 2020
• 3.4 million shares repurchased during the quarter

For the second quarter of 2021, the Company reported net sales of $428.0 million, which was an increase of 86% compared to net sales of $229.9 million in the second quarter of 2020. On a quarter-over-quarter basis, global light vehicle production in the Company’s primary regions of Europe, North America, Japan/Korea and China increased 36% when compared to the COVID-19 impacted second quarter of 2020. However, when compared to the mid-April 2021 IHS Markit light vehicle production forecast in the Company’s primary regions, actual light vehicle production in the second quarter of 2021 declined approximately 1.1 million units, or 7% as a result of industry-wide part shortages and global supply chain constraints. The largest deviation from the forecasted production within the quarter came in North America, which saw an actual light vehicle production decline in excess of 15% compared to the mid-April 2021 forecast. The reduction in light vehicle production compared to forecast was led by certain OEM customers that deploy high levels of the Company’s product content, including both interior and exterior auto-dimming mirrors and other electronic features such as Full Display Mirror^® and HomeLink^®. In total, the impact from the shortfall in vehicle production compared to forecast, led to an estimated mirror unit shipment reduction of approximately 2 million units versus the Company’s beginning of the quarter expectations. “While we are very pleased with the net sales increase of 86% over the COVID-19 impacted second quarter of last year, we are still experiencing tremendous volatility and order cancellations as our customers continue to deal with the impact of the ongoing part shortages that are affecting our industry. Our initial forecast for the second quarter was for sales to be one of the largest quarters in the Company’s history, but the continual changes in releases and orders resulted in the push out of approximately 2 million units. The unit shipment changes were most severe in North America where our dollar content per vehicle is above the corporate average. As we move through the second half of the year and into 2022, we are encouraged that the overall demand for vehicles and our products should still provide opportunities for the Company to continue to outperform the underlying market,” said President and CEO, Steve Downing.

For the second quarter of 2021, the gross margin was 35.4%, compared to a gross margin of 19.1% for the second quarter of 2020. Compared to the COVID-19 impacted second quarter of 2020, gross margins improved due to the higher sales levels, significantly better overhead leverage, the structural cost savings put in place by the Company last year, and positive product mix on a quarter over quarter basis. “The gross margin for the second quarter of 2021 improved significantly versus last year, but was well below our initial estimates for the quarter. The lower than forecasted gross margin was primarily driven by the significant reductions in expected sales during the quarter, our inability to offset fixed and variable overhead costs due to the lower than expected sales levels, lower than expected price reductions on raw materials, and higher than expected incoming freight costs. However, the good news is that despite many of the challenges in the quarter, our estimates show that if sales had hit our initial forecast then gross margins would have been more in line with our previous annual guidance range,” continued Downing.

Operating expenses during the second quarter of 2021 increased by 2% to $51.7 million, compared to operating expenses of $50.7 million in the second quarter of 2020.

Income from operations for the second quarter of 2021 was $99.9 million, compared to a loss from operations of $6.7 million for the second quarter of 2020.

During the second quarter of 2021, the Company had an effective tax rate of 15% or $15.3 million, which is below our annual guidance range, and was primarily driven by the benefit of the foreign derived intangible income deduction and discrete benefits from stock based compensation.

Net income was $86.5 million for the second quarter of 2021, compared to a net loss of $2.4 million in the second quarter of 2020. The increase in net income was driven by the quarter over quarter increase in sales, gross margins and operating profits.

Earnings per diluted share for the second quarter of 2021 were $0.36, compared to a loss per diluted share of $0.01 for the second quarter of 2020. The increase in earnings per share is the result of the higher net income when compared to the second quarter of 2020.

Automotive net sales in the second quarter of 2021 were $420.6 million, compared with $222.1 million in the second quarter of 2020, which was an 89% increase quarter over quarter. Auto-dimming mirror unit shipments increased 98% during the quarter, highlighted by 140% growth in exterior-mirror unit shipments, compared to the second quarter of 2020. The increase in international unit shipments were largely comprised of base interior and exterior auto-dimming mirror units and included significant growth in the China market.

Other net sales in the second quarter of 2021, which includes dimmable aircraft windows and fire protection products, were $7.4 million, a decrease of 6% compared to other net sales of $7.9 million in the second quarter of 2020. Dimmable aircraft window sales decreased by 65% for the second quarter of 2021 when compared to the second quarter of 2020. The Company continues to expect that dimmable aircraft window sales will be impacted until there is a more meaningful recovery of the aerospace industry and the Boeing 787 aircraft production levels improve.

Share Repurchases


During the second quarter of 2021, the Company repurchased 3.4 million shares of its common stock for a total of $115.9 million. The Company intends to continue to repurchase additional shares of its common stock in the future in support of the previously disclosed capital allocation strategy, but share repurchases may vary from time to time and will take into account macroeconomic issues (including the impact of the COVID-19 pandemic), market trends, and other factors that the Company deems appropriate.

Future Estimates


The Company’s current forecasts for light vehicle production for the second half of 2021, and full years 2021 and 2022 are based on the mid-July 2021 IHS Markit forecast for light vehicle production in North America, Europe, Japan/Korea and China.

Light vehicle production in the Company’s primary markets is forecasted by IHS Markit to decrease 4% for the second half of 2021 versus the second half of 2020. This forecast from IHS Markit assumes that many of the supply chain related issues that began toward the end of the first quarter of 2021 and continued throughout the second quarter of 2021 will improve during the second half of the year. While these vehicle production volumes do suggest a reduction versus second half of 2020, this forecast also represents a 9% increase in light vehicle production when compared to the first half of 2021. Forecasted vehicle production volumes for the second half of 2021 and calendar years 2021 and 2022 are shown below:

Light Vehicle Production (per IHS Markit mid-July light vehicle production forecast)
(in Millions)
Region	2H 2021		2H 2020		% Change			Calendar Year 2022		Calendar Year 2021		Calendar Year 2020			2022 vs 2021 % Change		2021 vs 2020 % Change
North America	7.83		7.87		(1	)%		17.03		14.63		13.02			16	%	12	%
Europe	9.11		9.61		(5	)%		20.29		18.05		16.57			12	%	9	%
Japan and Korea	6.04		6.15		(2	)%		12.40		11.81		11.21			5	%	5	%
China	13.26		14.24		(7	)%		26.60		24.98		23.59			6	%	6	%
Total Light Vehicle Production	36.24		37.87		(4	)%		76.32		69.47		64.39			10	%	8	%

Based on this light vehicle production forecast the Company is providing guidance estimates for the second half of 2021. Given the significant changes in vehicle production volumes in the second quarter and the associated impact on the Company’s actual results and the challenges in our current operating environment driven by supply chain and freight issues, the Company believes that guidance specific to the second half of the year is more accurate and indicative of actual performance for the remainder of the year than only providing full year 2021 updated guidance. The Company also believes that this approach may help provide a more accurate projection for calendar year 2022 performance. The Company’s current estimate is that net sales for the second half of 2021 will be between $970 million and $1.07 billion. This revenue forecast is based on the IHS-Markit light vehicle production forecast for the second half of 2021 but also includes manual adjustments to the Company’s forecasts as a result of customer order changes due to part shortages that have impacted the second quarter and will likely continue to impact demand in the second half of this year. The Company has also updated the cost and profitability model to include impacts due to elevated raw material prices, freight expenses and labor costs. Our updated financial guidance for the second half of 2021 replaces our previous guidance for 2021 and is included in the table below:

2nd Half of 2021 Guidance
Item	2nd Half 2021
Revenue	$970m -$1.07B
Gross Margin	37.5% – 38.5%
Operating Expenses	$105 – $110 million
Tax Rate	16% – 18%
Capital Expenditures	$50 – $60 million
Depreciation & Amortization	$54 – $59 million

“The last 18 months have undoubtedly been impacted from the COVID-19 pandemic. During the first half of last year, that impact was felt in terms of very low sales levels due to shutdowns, but this year the impact has been felt in the form of massive order changes and reductions to planned volumes due to supply related issues that are affecting the OEM’s ability to achieve the production levels needed to satisfy demand. In the second half of this year, we expect orders to improve but the supply constraints are causing disruptions that are leading toward higher commodity pricing, higher freight expenses, and inefficiencies in our operations,” commented Downing.

Based on the mid-July 2021 light vehicle production estimates for 2022, the Company estimates that revenue for calendar year 2022 will be approximately 10% – 15% higher than the updated 2021 revenue estimates of $1.88 – $1.98 billion. “We have updated our 2021 and 2022 guidance to include our expectations that the Company will continue to see headwinds to demand due to supply shortages that we believe will continue in the second half of 2021 and into the first half of 2022. Our forecast includes manual adjustments to the IHS Markit forecast for light vehicle production shown above. Despite the massive volatility in the industry, we are estimating that built up demand will provide strong revenue growth next year that is on pace with our initial revenue guidance for 2022. Our industry is enduring severe challenges currently, including issues in order cancellations, component shortages, raw material increases, freight issues, labor shortages, and other pressures, but we remain optimistic that the next 18 months has the potential to produce record level revenues and profitability for the Company,” concluded Downing.

Safe Harbor for Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” “may,” “optimistic,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control, and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material and other supply shortages; supply chain disruptions; our dependence of information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation including securities litigation relating to the conduct of our business; the length and severity of the COVID-19 (coronavirus) pandemic, including its impact across our business on demand, operations, and the global supply chain. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties now include the impacts of COVID-19 (coronavirus) pandemic that has affected, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by IHS Markit Light Vehicle Production Forecast of July 16, 2021 (http://www.gentex.com/forecast-disclaimer).

Second Quarter Conference Call


A conference call related to this news release will be simulcast live on the internet beginning at 9:30 a.m. ET, July 23, 2021. The dial-in number to participate in the call is 844-389-8658, passcode 8652117. Participants may listen to the call via audio streaming at www.gentex.com or by visiting https://edge.media-server.com/mmc/p/22y3vefc. A webcast replay will be available approximately 24 hours after the conclusion of the call at http://ir.gentex.com/events-and-presentations/upcoming-past-events.

About the Company


Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies. Visit the Company’s web site at www.gentex.com.

Contact Information:

Gentex Investor & Media Contact
Josh O’Berski
(616)772-1590 x5814

GENTEX CORPORATION

AUTO-DIMMING MIRROR SHIPMENTS


(Thousands)

	Three Months Ended June 30,									Six Months Ended June 30,
	2021			2020			% Change			2021			2020			%  Change
North American Interior Mirrors	1,873			787			138	%		3,946			2,806			41	%
North American Exterior Mirrors	1,497			455			229	%		2,990			1,689			77	%
Total North American Mirror Units	3,370			1,242			171	%		6,936			4,495			54	%
International Interior Mirrors	4,811			2,916			65	%		10,590			7,948			33	%
International Exterior Mirrors	2,240			1,102			103	%		4,676			3,211			46	%
Total International Mirror Units	7,052			4,018			76	%		15,266			11,159			37	%
Total Interior Mirrors	6,684			3,703			81	%		14,535			10,754			35	%
Total Exterior Mirrors	3,738			1,557			140	%		7,666			4,900			56	%
Total Auto-Dimming Mirror Units	10,422			5,260			98	%		22,202			15,654			42	%

Note: Percent change and amounts may not total due to rounding.

GENTEX CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	(Unaudited)									(Unaudited)
	Three Months Ended June 30,									Six Months Ended June 30,
	2021				2020					2021				2020
Net Sales	$	428,005,026			$	229,925,556				$	911,729,865			$	683,687,281
Cost of Goods Sold	276,408,285				185,980,748					576,832,956				483,154,994
Gross Profit	151,596,741				43,944,808					334,896,909				200,532,287
Engineering, Research & Development	29,059,058				28,992,968					56,711,139				58,608,390
Selling, General & Administrative	22,613,062				21,690,096					44,527,448				43,634,987
Operating Expenses	51,672,120				50,683,064					101,238,587				102,243,377
Income (Loss) from Operations	99,924,621				(6,738,256		)			233,658,322				98,288,910
Other Income	1,891,098				2,866,229					3,424,133				5,113,712
Income (Loss) before Income Taxes	101,815,719				(3,872,027		)			237,082,455				103,402,622
Provision for Income Taxes	15,309,301				(1,497,994		)			37,125,167				16,270,854
Net Income (Loss)	$	86,506,418			$	(2,374,033	)			$	199,957,288			$	87,131,768
Earnings (Loss) Per Share(1)
Basic	$	0.36			$	(0.01	)			$	0.83			$	0.35
Diluted	$	0.36			$	(0.01	)			$	0.82			$	0.35
Cash Dividends Declared per Share	$	0.120			$	0.120				$	0.240			$	0.240
(1) Earnings (Loss) Per Share has been adjusted to exclude the portion of net income (loss) allocated to participating securities as a result of share-based payment awards.

GENTEX CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
	June 30, 2021				December 31, 2020
ASSETS
Cash and Cash Equivalents	$	353,032,803			$	423,371,036
Short-Term Investments	13,798,827				27,164,369
Accounts Receivable, net	234,145,996				284,925,335
Inventories	263,899,976				226,291,843
Other Current Assets	59,698,574				17,577,981
Total Current Assets	924,576,176				979,330,564
Plant and Equipment – Net	458,943,776				468,135,135
Goodwill	311,922,787				311,922,787
Long-Term Investments	193,418,570				162,028,068
Intangible Assets	251,213,561				249,748,127
Patents and Other Assets	26,723,061				26,776,489
Total Other Assets	783,277,979				750,475,471
Total Assets	$	2,166,797,931			$	2,197,941,170
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities	$	196,396,617			$	177,736,857
Other Non-current Liabilities	18,668,444				17,300,442
Deferred Income Taxes	35,413,881				38,960,743
Shareholders’ Investment	1,916,318,989				1,963,943,128
Total Liabilities & Shareholders’ Investment	$	2,166,797,931			$	2,197,941,170

HONOLULU, July 23, 2021 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended June 30, 2021.

“We are pleased with our financial performance during the second quarter, which was driven by the strong return of tourism and pickup in the local economy,” said Bob Harrison, Chairman, President and CEO.  “We had good activity in the loan portfolio, solid growth in fee income and credit quality remained excellent. In addition, we benefitted from the improved outlook for the local economy with the release of $35 million from our reserves for credit losses.”

On July 21, 2021 the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on September 3, 2021 to stockholders of record at the close of business on August 23, 2021.  

Second Quarter 2021 Highlights:

• Net income of $86.7 million, or $0.67 per diluted share
• Total loans and leases decreased $196.5 million, or 1.5%, versus prior quarter
• Total deposits increased $701.4 million, or 3.5%, versus prior quarter
• Recorded a $35.0 million negative provision for credit losses
• Board of Directors declared a quarterly dividend of $0.26 per share
• Repurchased $22.4 million of stock under share repurchase program

Balance Sheet

Total assets were $24.2 billion as of June 30, 2021, compared to $23.5 billion as of March 31, 2021.

Gross loans and leases were $13.1 billion as of June 30, 2021, a decrease of $196.5 million, or 1.5%, from $13.3 billion as of March 31, 2021.

Total deposits were $20.8 billion as of June 30, 2021, an increase of $701.4 million, or 3.5%, from $20.1 billion as of March 31, 2021.

Net Interest Income

Net interest income for the second quarter of 2021 was $131.5 million, an increase of $2.3 million, or 1.8%, compared to $129.2 million for the prior quarter.  

The net interest margin (NIM) was 2.46% in the second quarter of 2021, a decrease of 9 basis points compared to 2.55% in the first quarter of 2021.

Provision Expense

During the quarter ended June 30, 2021, we recorded a $35.0 million negative provision for credit losses. We did not record a provision for credit losses in the quarter ended March 31, 2021.

Noninterest Income

Noninterest income was $49.4 million in the second quarter of 2021, an increase of $5.5 million compared to noninterest income of $43.9 million in the first quarter of 2021.     

Noninterest Expense

Noninterest expense was $99.4 million in the second quarter of 2021, an increase of $3.1 million compared to noninterest expense of $96.3 million in the first quarter of 2021.

The efficiency ratio was 54.7% and 55.5% for the quarters ended June 30, 2021 and March 31, 2021, respectively.

Taxes

The effective tax rate was 25.5% for the quarter ended June 30, 2021 and 24.8% for the quarter ended March 31, 2021.

Asset Quality

The allowance for credit losses was $169.1 million, or 1.29% of total loans and leases, as of June 30, 2021, compared to $200.4 million, or 1.51% of total loans and leases, as of March 31, 2021. The reserve for unfunded commitments was $29.2 million as of June 30, 2021 compared to $34.1 million as of March 31, 2021. Net charge-offs were $1.1 million, or 0.03% of average loans and leases on an annualized basis, for the quarter ended June 30, 2021, compared to net charge-offs of $4.6 million, or 0.14% of average loans and leases on an annualized basis, for the quarter ended March 31, 2021. Total non-performing assets were $8.9 million, or 0.07% of total loans and leases and other real estate owned, at June 30, 2021, compared to total non-performing assets of $9.1 million, or 0.07% of total loans and leases and other real estate owned at March 31, 2021.  

Capital

Total stockholders’ equity was $2.7 billion at both June 30, 2021 and March 31, 2021.    

The tier 1 leverage, common equity tier 1 and total capital ratios were 7.68%, 12.76% and 14.01%, respectively, at June 30, 2021, compared with 7.90%, 12.82% and 14.07%, respectively, at March 31, 2021.

The Company repurchased 0.8 million shares of common stock at a total cost of $22.4 million under the stock repurchase program in the second quarter. The average cost was $27.99 per share repurchased. Remaining buyback authority under the stock repurchase program was $43.1 million at June 30, 2021.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time. To access the call, participants should dial (844) 452-2942 (US/Canada), or (574) 990-9846 (International) ten minutes prior to the start of the call and enter the conference ID: 3681457.   A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location. A telephonic replay of the conference call will be available two hours after the conclusion of the call until 4:30 p.m. (Eastern Time) on July 30, 2021. Access the replay by dialing (855) 859-2056 or (404) 537-3406 and entering the conference ID: 3681457.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Further, statements about the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the ongoing impacts of COVID-19, the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Use of Non-GAAP Financial Measures

We present net interest income, noninterest income, noninterest expense, net income, earnings per share (basic and diluted) and the related ratios described below, on an adjusted, or ‘‘core,’’ basis, each a non-GAAP financial measure. These core measures exclude from the corresponding GAAP measure the impact of certain items that we do not believe are representative of our financial results. We believe that the presentation of these non-GAAP financial measures helps identify underlying trends in our business from period to period that could otherwise be distorted by the effect of certain expenses, gains and other items included in our operating results. We believe that these core measures provide useful information about our operating results and enhance the overall understanding of our past performance and future performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition.

Core net interest margin, core efficiency ratio, core return on average total assets and core return on average total stockholders’ equity are non-GAAP financial measures. We compute our core net interest margin as the ratio of core net interest income to average earning assets. We compute our core efficiency ratio as the ratio of core noninterest expense to the sum of core net interest income and core noninterest income.   We compute our core return on average total assets as the ratio of core net income to average total assets. We compute our core return on average total stockholders’ equity as the ratio of core net income to average total stockholders’ equity.

Return on average tangible stockholders’ equity, core return on average tangible stockholders’ equity, return on average tangible assets, core return on average tangible assets and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP.

Tables 14 and 15 at the end of this document provide a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

Investor Relations Contact: Kevin Haseyama, CFA (808) 525-6268 [email protected]

Media Contact: Susan Kam (808) 525-6254 [email protected]

Financial Highlights																			Table 1
		For the Three Months Ended												For the Six Months Ended
		June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share data)		2021				2021				2020				2021				2020
Operating Results:
Net interest income		$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Provision for credit losses			(35,000	)			—				55,446				(35,000	)			96,646
Noninterest income			49,371				43,868				45,656				93,239				94,884
Noninterest expense			99,388				96,306				91,450				195,694				187,916
Net income			86,741				57,693				20,049				144,434				58,914
Basic earnings per share			0.67				0.44				0.15				1.11				0.45
Diluted earnings per share			0.67				0.44				0.15				1.11				0.45
Dividends declared per share			0.26				0.26				0.26				0.52				0.52
Dividend payout ratio			38.81		%		59.09		%		173.33		%		46.85		%		115.56		%
Supplemental Income Statement Data (non-GAAP):
Core net interest income		$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Core noninterest income			49,269				43,868				45,867				93,137				95,010
Core noninterest expense			98,228				96,306				91,450				194,534				187,916
Core net income			87,704				57,693				20,204				145,397				59,007
Core basic earnings per share			0.68				0.44				0.16				1.12				0.45
Core diluted earnings per share			0.68				0.44				0.16				1.12				0.45
Performance Ratios (1) :
Net interest margin			2.46		%		2.55		%		2.58		%		2.50		%		2.84		%
Core net interest margin (non-GAAP)			2.46		%		2.55		%		2.58		%		2.50		%		2.84		%
Efficiency ratio			54.74		%		55.53		%		52.70		%		55.12		%		51.99		%
Core efficiency ratio (non-GAAP)			54.13		%		55.53		%		52.64		%		54.81		%		51.97		%
Return on average total assets			1.45		%		1.02		%		0.36		%		1.24		%		0.56		%
Core return on average total assets (non-GAAP)			1.46		%		1.02		%		0.36		%		1.25		%		0.56		%
Return on average tangible assets (non-GAAP)			1.51		%		1.07		%		0.38		%		1.30		%		0.58		%
Core return on average tangible assets (non-GAAP)(2)			1.53		%		1.07		%		0.38		%		1.30		%		0.58		%
Return on average total stockholders’ equity			12.92		%		8.58		%		2.99		%		10.75		%		4.42		%
Core return on average total stockholders’ equity (non-GAAP)			13.07		%		8.58		%		3.01		%		10.82		%		4.43		%
Return on average tangible stockholders’ equity (non-GAAP)			20.51		%		13.51		%		4.74		%		16.99		%		7.04		%
Core return on average tangible stockholders’ equity (non-GAAP)(3)			20.74		%		13.51		%		4.77		%		17.10		%		7.05		%
Average Balances:
Average loans and leases		$	13,205,086			$	13,242,270			$	13,956,669			$	13,223,575			$	13,574,048
Average earning assets			21,539,264				20,476,149				19,854,795				21,010,643				18,834,492
Average assets			24,015,065				22,944,699				22,341,654				23,482,839				21,327,479
Average deposits			20,638,015				19,503,067				18,540,394				20,073,676				17,541,849
Average stockholders’ equity			2,691,966				2,727,701				2,697,775				2,709,735				2,679,293
Market Value Per Share:
Closing			28.34				27.37				17.24				28.34				17.24
High			29.85				30.80				21.50				30.80				31.25
Low			24.75				23.14				13.56				23.14				13.56

		As of				As of				As of				As of
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands, except per share data)		2021				2021				2020				2020
Balance Sheet Data:
Loans and leases		$	13,103,785			$	13,300,289			$	13,279,097			$	13,764,030
Total assets			24,246,328				23,497,596				22,662,831				22,993,715
Total deposits			20,835,115				20,133,681				19,227,723				19,361,634
Short-term borrowings			—				—				—				200,000
Long-term borrowings			200,000				200,010				200,010				200,019
Total stockholders’ equity			2,731,341				2,683,630				2,744,104				2,701,897
Per Share of Common Stock:
Book value		$	21.17			$	20.68			$	21.12			$	20.81
Tangible book value (non-GAAP)(4)			13.45				13.01				13.46				13.14
Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases			0.07		%		0.07		%		0.07		%		0.24		%
Allowance for credit losses for loans and leases / total loans and leases			1.29		%		1.51		%		1.57		%		1.40		%
Capital Ratios:
Common Equity Tier 1 Capital Ratio			12.76		%		12.82		%		12.47		%		11.86		%
Tier 1 Capital Ratio			12.76		%		12.82		%		12.47		%		11.86		%
Total Capital Ratio			14.01		%		14.07		%		13.73		%		13.11		%
Tier 1 Leverage Ratio			7.68		%		7.90		%		8.00		%		7.75		%
Total stockholders’ equity to total assets			11.26		%		11.42		%		12.11		%		11.75		%
Tangible stockholders’ equity to tangible assets (non-GAAP)			7.47		%		7.50		%		8.07		%		7.76		%
Non-Financial Data:
Number of branches			54				54				54				58
Number of ATMs			294				297				297				295
Number of Full-Time Equivalent Employees			2,087				2,090				2,103				2,100

________________________
⁽¹⁾   Except for the efficiency ratio and the core efficiency ratio, amounts are annualized for the three and six months ended June 30, 2021 and 2020 and the three months ended March 31, 2021.

⁽²⁾   Core return on average tangible assets is a non-GAAP financial measure. We compute our core return on average tangible assets as the ratio of core net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

⁽³⁾   Core return on average tangible stockholders’ equity is a non-GAAP financial measure. We compute our core return on average tangible stockholders’ equity as the ratio of core net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

⁽⁴⁾   Tangible book value is a non-GAAP financial measure. We compute our tangible book value as the ratio of tangible stockholders’ equity to shares outstanding. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. For a reconciliation to the most directly comparable GAAP financial measure for core net income, see Table 14, GAAP to Non-GAAP Reconciliation.

Consolidated Statements of Income			Table 2
			For the Three Months Ended												For the Six Months Ended
			June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)			2021				2021				2020				2021				2020
Interest income
Loans and lease financing			$	110,919			$	110,939			$	122,298			$	221,858			$	257,269
Available-for-sale securities				24,637				23,146				17,529				47,783				38,739
Other				666				491				792				1,157				3,143
Total interest income				136,222				134,576				140,619				270,798				299,151
Interest expense
Deposits				3,363				4,056				8,583				7,419				24,183
Short-term and long-term borrowings				1,378				1,362				4,214				2,740				8,463
Total interest expense				4,741				5,418				12,797				10,159				32,646
Net interest income				131,481				129,158				127,822				260,639				266,505
Provision for credit losses				(35,000	)			—				55,446				(35,000	)			96,646
Net interest income after provision for credit losses				166,481				129,158				72,376				295,639				169,859
Noninterest income
Service charges on deposit accounts				6,632				6,718				5,927				13,350				14,877
Credit and debit card fees				16,746				14,551				10,870				31,297				25,819
Other service charges and fees				10,303				8,846				7,912				19,149				16,451
Trust and investment services income				8,707				8,492				8,664				17,199				18,255
Bank-owned life insurance				3,104				2,389				4,432				5,493				6,692
Investment securities gains (losses), net				102				—				(211	)			102				(126	)
Other				3,777				2,872				8,062				6,649				12,916
Total noninterest income				49,371				43,868				45,656				93,239				94,884
Noninterest expense
Salaries and employee benefits				45,982				43,936				42,414				89,918				87,243
Contracted services and professional fees				16,516				17,188				15,478				33,704				31,533
Occupancy				7,314				7,170				7,302				14,484				14,545
Equipment				6,362				5,491				5,207				11,853				9,915
Regulatory assessment and fees				1,826				2,034				2,100				3,860				4,046
Advertising and marketing				1,469				1,591				1,402				3,060				3,225
Card rewards program				6,262				4,835				5,163				11,097				12,178
Other				13,657				14,061				12,384				27,718				25,231
Total noninterest expense				99,388				96,306				91,450				195,694				187,916
Income before provision for income taxes				116,464				76,720				26,582				193,184				76,827
Provision for income taxes				29,723				19,027				6,533				48,750				17,913
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
Basic earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Diluted earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Basic weighted-average outstanding shares				129,392,339				129,933,104				129,856,730				129,661,228				129,876,218
Diluted weighted-average outstanding shares				129,828,847				130,589,878				130,005,195				130,164,762				130,163,722

Consolidated Balance Sheets		Table 3
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands)		2021				2021				2020				2020
Assets
Cash and due from banks		$	347,861			$	278,994			$	303,373			$	347,592
Interest-bearing deposits in other banks			1,558,437				983,816				737,571				1,507,630
Investment securities, at fair value (amortized cost: $6,951,153 as of June 30, 2021, $6,708,431 as of March 31, 2021, $5,985,031 as of December 31, 2020 and $5,025,433 as of June 30, 2020)			6,953,930				6,692,479				6,071,415				5,135,775
Loans held for sale			1,241				9,390				11,579				6,698
Loans and leases			13,103,785				13,300,289				13,279,097				13,764,030
Less: allowance for credit losses			169,148				200,366				208,454				192,120
Net loans and leases			12,934,637				13,099,923				13,070,643				13,571,910
Premises and equipment, net			319,452				319,949				322,401				322,919
Other real estate owned and repossessed personal property			—				—				—				446
Accrued interest receivable			66,734				69,879				69,626				58,420
Bank-owned life insurance			466,402				468,927				466,537				458,720
Goodwill			995,492				995,492				995,492				995,492
Mortgage servicing rights			10,007				10,869				10,731				11,595
Other assets			592,135				567,878				603,463				576,518
Total assets		$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing		$	12,245,193			$	11,958,606			$	11,705,609			$	12,481,543
Noninterest-bearing			8,589,922				8,175,075				7,522,114				6,880,091
Total deposits			20,835,115				20,133,681				19,227,723				19,361,634
Short-term borrowings			—				—				—				200,000
Long-term borrowings			200,000				200,010				200,010				200,019
Retirement benefits payable			144,101				143,736				143,373				138,624
Other liabilities			335,771				336,539				347,621				391,541
Total liabilities			21,514,987				20,813,966				19,918,727				20,291,818
Stockholders’ equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 140,542,398 / 129,019,871 shares as of June 30, 2021, issued/outstanding: 140,455,180 / 129,749,890 shares as of March 31, 2021, issued/outstanding: 140,191,133 / 129,912,272 shares as of December 31, 2020 and issued/outstanding: 140,140,542 / 129,866,898 shares as of June 30, 2020)			1,405				1,405				1,402				1,401
Additional paid-in capital			2,520,790				2,517,048				2,514,014				2,509,271
Retained earnings			550,511				497,418				473,974				415,296
Accumulated other comprehensive (loss) income, net			(29,702	)			(43,435	)			31,604				52,731
Treasury stock (11,522,527 shares as of June 30, 2021, 10,705,290 shares as of March 31, 2021, 10,278,861 shares as of December 31, 2020 and 10,273,644 shares as of June 30, 2020)			(311,663	)			(288,806	)			(276,890	)			(276,802	)
Total stockholders’ equity			2,731,341				2,683,630				2,744,104				2,701,897
Total liabilities and stockholders’ equity		$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715

Average Balances and Interest Rates																										Table 4
		Three Months Ended									Three Months Ended									Three Months Ended
		June 30, 2021									March 31, 2021									June 30, 2020
		Average			Income/			Yield/			Average			Income/			Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate			Balance			Expense			Rate			Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	1,503.0		$	0.4		0.10		%	$	938.7		$	0.2		0.10		%	$	1,436.2		$	0.4		0.10		%
Available-for-Sale Investment Securities
Taxable			6,298.3			22.5		1.43				5,949.9			22.1		1.49				4,389.7			17.5		1.60
Non-Taxable			468.4			2.7		2.30				278.0			1.3		1.80				0.7			—		2.58
Total Available-for-Sale Investment Securities			6,766.7			25.2		1.49				6,227.9			23.4		1.50				4,390.4			17.5		1.60
Loans Held for Sale			2.0			—		1.44				9.2			0.1		2.46				9.8			0.1		2.93
Loans and Leases(1)
Commercial and industrial			2,882.1			21.1		2.94				3,026.7			20.4		2.74				3,601.0			24.3		2.71
Commercial real estate			3,419.7			25.3		2.97				3,385.2			24.9		2.98				3,438.8			28.3		3.31
Construction			800.9			6.3		3.15				746.8			5.8		3.16				584.1			4.9		3.35
Residential:
Residential mortgage			3,765.4			34.0		3.62				3,696.1			34.7		3.76				3,682.7			35.7		3.88
Home equity line			812.6			5.5		2.72				822.0			5.7		2.80				885.2			6.8		3.07
Consumer			1,277.9			16.9		5.32				1,323.7			17.7		5.43				1,526.5			20.6		5.42
Lease financing			246.5			1.9		3.06				241.8			1.8		3.02				238.4			1.7		2.88
Total Loans and Leases			13,205.1			111.0		3.37				13,242.3			111.0		3.39				13,956.7			122.3		3.52
Other Earning Assets			62.5			0.3		1.91				58.0			0.3		1.79				61.7			0.4		2.79
Total Earning Assets(2)			21,539.3			136.9		2.55				20,476.1			135.0		2.66				19,854.8			140.7		2.84
Cash and Due from Banks			290.7									294.0									295.1
Other Assets			2,185.1									2,174.6									2,191.8
Total Assets		$	24,015.1								$	22,944.7								$	22,341.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,361.8		$	0.5		0.03		%	$	5,975.1		$	0.6		0.04		%		5,501.9		$	0.9		0.07		%
Money Market			3,783.1			0.5		0.06				3,530.0			0.4		0.05				3,270.3			1.1		0.13
Time			2,034.5			2.3		0.45				2,288.5			3.0		0.53				3,335.6			6.6		0.79
Total Interest-Bearing Deposits			12,179.4			3.3		0.11				11,793.6			4.0		0.14				12,107.8			8.6		0.29
Short-Term Borrowings			—			—		—				—			—		—				395.6			2.8		2.88
Long-Term Borrowings			200.0			1.4		2.76				200.0			1.4		2.76				200.0			1.4		2.77
Total Interest-Bearing Liabilities			12,379.4			4.7		0.15				11,993.6			5.4		0.18				12,703.4			12.8		0.41
Net Interest Income					$	132.2								$	129.6								$	127.9
Interest Rate Spread								2.40		%							2.48		%							2.43		%
Net Interest Margin								2.46		%							2.55		%							2.58		%
Noninterest-Bearing Demand Deposits			8,458.6									7,709.5									6,432.6
Other Liabilities			485.1									513.9									507.9
Stockholders’ Equity			2,692.0									2,727.7									2,697.8
Total Liabilities and Stockholders’ Equity		$	24,015.1								$	22,944.7								$	22,341.7

________________________
⁽¹⁾   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁽²⁾   Interest income includes taxable-equivalent basis adjustments of $0.7 million, $0.4 million and $0.1 million for the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

Average Balances and Interest Rates																	Table 5
		Six Months Ended									Six Months Ended
		June 30, 2021									June 30, 2020
		Average			Income/			Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate			Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	1,222.4		$	0.6		0.10		%	$	976.5		$	2.0		0.40		%
Available-for-Sale Investment Securities
Taxable			6,125.1			44.6		1.46				4,211.4			38.7		1.84
Non-Taxable			373.7			4.0		2.11				0.4			—		2.58
Total Available-for-Sale Investment Securities			6,498.8			48.6		1.49				4,211.8			38.7		1.84
Loans Held for Sale			5.6			0.1		2.28				12.8			0.1		2.17
Loans and Leases(1)
Commercial and industrial			2,954.0			41.5		2.84				3,188.4			48.9		3.08
Commercial real estate			3,402.6			50.2		2.98				3,426.3			62.9		3.69
Construction			774.0			12.1		3.16				561.5			10.6		3.79
Residential:
Residential mortgage			3,730.9			68.7		3.68				3,711.5			73.4		3.95
Home equity line			817.3			11.2		2.76				886.3			14.5		3.28
Consumer			1,300.7			34.7		5.37				1,569.2			43.6		5.59
Lease financing			244.1			3.7		3.04				230.8			3.3		2.90
Total Loans and Leases			13,223.6			222.1		3.38				13,574.0			257.2		3.80
Other Earning Assets			60.2			0.5		1.85				59.4			1.2		3.99
Total Earning Assets(2)			21,010.6			271.9		2.60				18,834.5			299.2		3.19
Cash and Due from Banks			292.3									311.2
Other Assets			2,179.9									2,181.8
Total Assets		$	23,482.8								$	21,327.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings		$	6,169.5		$	1.1		0.04		%	$	5,296.1		$	4.2		0.16		%
Money Market			3,657.3			1.0		0.05				3,167.6			5.7		0.36
Time			2,160.8			5.3		0.49				2,935.1			14.3		0.98
Total Interest-Bearing Deposits			11,987.6			7.4		0.12				11,398.8			24.2		0.43
Short-Term Borrowings			—			—		—				398.6			5.7		2.88
Long-Term Borrowings			200.0			2.7		2.76				200.0			2.7		2.77
Total Interest-Bearing Liabilities			12,187.6			10.1		0.17				11,997.4			32.6		0.55
Net Interest Income					$	261.8								$	266.6
Interest Rate Spread								2.43		%							2.64		%
Net Interest Margin								2.50		%							2.84		%
Noninterest-Bearing Demand Deposits			8,086.1									6,143.0
Other Liabilities			499.4									507.8
Stockholders’ Equity			2,709.7									2,679.3
Total Liabilities and Stockholders’ Equity		$	23,482.8								$	21,327.5

________________________
⁽¹⁾   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁽²⁾   Interest income includes taxable-equivalent basis adjustments of $1.1 million and $0.1 million for the six months ended June 30, 2021 and 2020, respectively.

Analysis of Change in Net Interest Income											Table 6
		Three Months Ended June 30, 2021
		Compared to March 31, 2021
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	0.2			$	—			$	0.2
Available-for-Sale Investment Securities
Taxable			1.3				(0.9	)			0.4
Non-Taxable			1.0				0.4				1.4
Total Available-for-Sale Investment Securities			2.3				(0.5	)			1.8
Loans Held for Sale			(0.1	)			—				(0.1	)
Loans and Leases
Commercial and industrial			(0.9	)			1.6				0.7
Commercial real estate			0.4				—				0.4
Construction			0.5				—				0.5
Residential:
Residential mortgage			0.6				(1.3	)			(0.7	)
Home equity line			(0.1	)			(0.1	)			(0.2	)
Consumer			(0.5	)			(0.3	)			(0.8	)
Lease financing			0.1				—				0.1
Total Loans and Leases			0.1				(0.1	)			—
Total Change in Interest Income			2.5				(0.6	)			1.9
Change in Interest Expense:
Interest-Bearing Deposits
Savings			—				(0.1	)			(0.1	)
Money Market			—				0.1				0.1
Time			(0.3	)			(0.4	)			(0.7	)
Total Interest-Bearing Deposits			(0.3	)			(0.4	)			(0.7	)
Total Change in Interest Expense			(0.3	)			(0.4	)			(0.7	)
Change in Net Interest Income		$	2.8			$	(0.2	)		$	2.6

Analysis of Change in Net Interest Income											Table 7
		Three Months Ended June 30, 2021
		Compared to June 30, 2020
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Available-for-Sale Investment Securities
Taxable		$	7.0			$	(2.0	)		$	5.0
Non-Taxable			2.7				—				2.7
Total Available-for-Sale Investment Securities			9.7				(2.0	)			7.7
Loans Held for Sale			(0.1	)			—				(0.1	)
Loans and Leases
Commercial and industrial			(5.2	)			2.0				(3.2	)
Commercial real estate			(0.1	)			(2.9	)			(3.0	)
Construction			1.7				(0.3	)			1.4
Residential:
Residential mortgage			0.8				(2.5	)			(1.7	)
Home equity line			(0.5	)			(0.8	)			(1.3	)
Consumer			(3.3	)			(0.4	)			(3.7	)
Lease financing			0.1				0.1				0.2
Total Loans and Leases			(6.5	)			(4.8	)			(11.3	)
Other Earning Assets			—				(0.1	)			(0.1	)
Total Change in Interest Income			3.1				(6.9	)			(3.8	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.1				(0.5	)			(0.4	)
Money Market			0.1				(0.7	)			(0.6	)
Time			(2.0	)			(2.3	)			(4.3	)
Total Interest-Bearing Deposits			(1.8	)			(3.5	)			(5.3	)
Short-Term Borrowings			(1.4	)			(1.4	)			(2.8	)
Total Change in Interest Expense			(3.2	)			(4.9	)			(8.1	)
Change in Net Interest Income		$	6.3			$	(2.0	)		$	4.3

Analysis of Change in Net Interest Income											Table 8
		Six Months Ended June 30, 2021
		Compared to June 30, 2020
(dollars in millions)		Volume				Rate				Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks		$	0.3			$	(1.7	)		$	(1.4	)
Available-for-Sale Investment Securities
Taxable			15.0				(9.1	)			5.9
Non-Taxable			4.0				—				4.0
Total Available-for-Sale Investment Securities			19.0				(9.1	)			9.9
Loans and Leases
Commercial and industrial			(3.6	)			(3.8	)			(7.4	)
Commercial real estate			(0.4	)			(12.3	)			(12.7	)
Construction			3.5				(2.0	)			1.5
Residential:
Residential mortgage			0.4				(5.1	)			(4.7	)
Home equity line			(1.1	)			(2.2	)			(3.3	)
Consumer			(7.3	)			(1.6	)			(8.9	)
Lease financing			0.2				0.2				0.4
Total Loans and Leases			(8.3	)			(26.8	)			(35.1	)
Other Earning Assets			—				(0.7	)			(0.7	)
Total Change in Interest Income			11.0				(38.3	)			(27.3	)
Change in Interest Expense:
Interest-Bearing Deposits
Savings			0.5				(3.6	)			(3.1	)
Money Market			0.8				(5.5	)			(4.7	)
Time			(3.1	)			(5.9	)			(9.0	)
Total Interest-Bearing Deposits			(1.8	)			(15.0	)			(16.8	)
Short-Term Borrowings			(2.8	)			(2.9	)			(5.7	)
Total Change in Interest Expense			(4.6	)			(17.9	)			(22.5	)
Change in Net Interest Income		$	15.6			$	(20.4	)		$	(4.8	)

Loans and Leases												Table 9
		June 30,			March 31,			December 31,			June 30,
(dollars in thousands)		2021			2021			2020			2020
Commercial and industrial:
Commercial and industrial excluding Paycheck Protection Program loans		$	1,753,444		$	1,962,672		$	2,218,266		$	2,507,312
Paycheck Protection Program loans			811,103			1,158,764			801,241			916,396
Total commercial and industrial			2,564,547			3,121,436			3,019,507			3,423,708
Commercial real estate			3,528,068			3,396,233			3,392,676			3,423,499
Construction			853,865			739,271			735,819			617,935
Residential:
Residential mortgage			3,821,407			3,715,676			3,690,218			3,691,950
Home equity line			825,368			805,746			841,624			876,491
Total residential			4,646,775			4,521,422			4,531,842			4,568,441
Consumer			1,267,559			1,283,779			1,353,842			1,492,160
Lease financing			242,971			238,148			245,411			238,287
Total loans and leases		$	13,103,785		$	13,300,289		$	13,279,097		$	13,764,030

Deposits													Table 10
			June 30,			March 31,			December 31,			June 30,
(dollars in thousands)			2021			2021			2020			2020
Demand			$	8,589,922		$	8,175,075		$	7,522,114		$	6,880,091
Savings				6,421,053			6,141,161			6,020,075			5,727,367
Money Market				3,920,477			3,642,604			3,337,236			3,247,511
Time				1,903,663			2,174,841			2,348,298			3,506,665
Total Deposits			$	20,835,115		$	20,133,681		$	19,227,723		$	19,361,634

Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
			June 30,			March 31,			December 31,			June 30,
(dollars in thousands)			2021			2021			2020			2020
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial			$	828		$	593		$	518		$	11,559
Commercial real estate				937			937			80			13,168
Construction				—			579			2,043			2,043
Total Commercial Loans				1,765			2,109			2,641			26,770
Residential Loans:
Residential mortgage				7,140			6,999			6,441			6,059
Total Residential Loans				7,140			6,999			6,441			6,059
Total Non-Accrual Loans and Leases				8,905			9,108			9,082			32,829
Other Real Estate Owned				—			—			—			446
Total Non-Performing Assets			$	8,905		$	9,108		$	9,082		$	33,275
Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial			$	494		$	1,365		$	2,108		$	2,309
Commercial real estate				—			1,054			882			900
Construction				60			89			93			248
Total Commercial Loans				554			2,508			3,083			3,457
Residential Loans:
Home equity line				4,680			4,975			4,818			4,496
Total Residential Loans				4,680			4,975			4,818			4,496
Consumer				1,134			2,024			3,266			2,167
Total Accruing Loans and Leases Past Due 90 Days or More			$	6,368		$	9,507		$	11,167		$	10,120
Restructured Loans on Accrual Status and Not Past Due 90 Days or More			$	36,668		$	39,831		$	16,684		$	11,182
Total Loans and Leases			$	13,103,785		$	13,300,289		$	13,279,097		$	13,764,030

Allowance for Credit Losses																			Table 12
		For the Three Months Ended												For the Six Months Ended
		June 30,				March 31,				June 30,				June 30,				June 30,
(dollars in thousands)		2021				2021				2020				2021				2020
Balance at Beginning of Period		$	200,366			$	208,454			$	166,013			$	208,454			$	130,530
Adjustment to Adopt ASC Topic 326			—				—				—				—				770
After Adoption of ASC Topic 326			200,366				208,454				166,013				208,454				131,300
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial			(330	)			(963	)			(13,974	)			(1,293	)			(14,175	)
Commercial real estate			—				(66	)			(2,723	)			(66	)			(2,723	)
Construction			—				—				(379	)			—				(379	)
Total Commercial Loans			(330	)			(1,029	)			(17,076	)			(1,359	)			(17,277	)
Residential Loans:
Residential mortgage			—				(98	)			(14	)			(98	)			(14	)
Home equity line			—				—				—				—				(8	)
Total Residential Loans			—				(98	)			(14	)			(98	)			(22	)
Consumer			(3,917	)			(6,541	)			(8,907	)			(10,458	)			(17,504	)
Total Loans and Leases Charged-Off			(4,247	)			(7,668	)			(25,997	)			(11,915	)			(34,803	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial			287				215				100				502				320
Commercial real estate			12				3				—				15				—
Construction			—				166				30				166				140
Total Commercial Loans			299				384				130				683				460
Residential Loans:
Residential mortgage			14				17				17				31				152
Home equity line			38				24				8				62				130
Total Residential Loans			52				41				25				93				282
Consumer			2,797				2,655				2,456				5,452				4,539
Total Recoveries on Loans and Leases Previously Charged-Off			3,148				3,080				2,611				6,228				5,281
Net Loans and Leases Charged-Off			(1,099	)			(4,588	)			(23,386	)			(5,687	)			(29,522	)
Provision for Credit Losses – Loans and Leases			(30,119	)			(3,500	)			49,493				(33,619	)			90,342
Balance at End of Period		$	169,148			$	200,366			$	192,120			$	169,148			$	192,120
Average Loans and Leases Outstanding		$	13,205,086			$	13,242,270			$	13,956,669			$	13,223,575			$	13,574,048
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)			0.03		%		0.14		%		0.67		%		0.09		%		0.44		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding			1.29		%		1.51		%		1.40		%		1.29		%		1.40		%

________________________
⁽¹⁾   Annualized for the three and six months ended June 30, 2021 and 2020 and three months ended March 31, 2021.

Loans and Leases by Year of Origination and Credit Quality Indicator																											Table 13
																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
																				Amortized			Amortized
(dollars in thousands)		2021			2020			2019			2018			2017			Prior			Cost Basis			Cost Basis			Total
Commercial Lending
Commercial and Industrial
Risk rating:
Pass		$	606,765		$	422,457		$	242,554		$	136,069		$	48,828		$	207,502		$	674,340		$	23,935		$	2,362,450
Special Mention			122			8,994			33,617			12,735			1,425			4,647			14,338			376			76,254
Substandard			—			7,149			2,400			16,246			137			8,731			6,397			1,344			42,404
Other (1)			9,812			8,774			10,337			6,632			3,531			965			43,388			—			83,439
Total Commercial and Industrial			616,699			447,374			288,908			171,682			53,921			221,845			738,463			25,655			2,564,547
Commercial Real Estate
Risk rating:
Pass			288,366			342,013			571,608			557,533			449,551			1,055,803			63,775			2			3,328,651
Special Mention			—			1,482			52,852			16,081			33,022			55,933			7,604			—			166,974
Substandard			—			411			—			7,016			2,069			21,962			502			—			31,960
Other (1)			—			—			—			—			—			483			—			—			483
Total Commercial Real Estate			288,366			343,906			624,460			580,630			484,642			1,134,181			71,881			2			3,528,068
Construction
Risk rating:
Pass			49,592			97,149			296,405			173,352			62,983			70,998			55,892			—			806,371
Special Mention			—			—			494			705			—			361			—			—			1,560
Substandard			—			—			—			373			—			1,378			—			—			1,751
Other (1)			11,829			15,036			5,247			5,381			2,953			2,930			807			—			44,183
Total Construction			61,421			112,185			302,146			179,811			65,936			75,667			56,699			—			853,865
Lease Financing
Risk rating:
Pass			21,690			69,598			55,494			11,376			16,623			60,091			—			—			234,872
Special Mention			545			308			465			246			81			232			—			—			1,877
Substandard			—			2,720			1,668			260			1,072			502			—			—			6,222
Total Lease Financing			22,235			72,626			57,627			11,882			17,776			60,825			—			—			242,971
Total Commercial Lending		$	988,721		$	976,091		$	1,273,141		$	944,005		$	622,275		$	1,492,518		$	867,043		$	25,657		$	7,189,451

																							Revolving
																							Loans
																							Converted
		Term Loans																		Revolving			to Term
		Amortized Cost Basis by Origination Year																		Loans			Loans
(continued)																				Amortized			Amortized
(dollars in thousands)		2021			2020			2019			2018			2017			Prior			Cost Basis			Cost Basis			Total
Residential Lending
Residential Mortgage
FICO:
740 and greater		$	570,542		$	675,163		$	329,047		$	224,827		$	293,853		$	958,515		$	—		$	—		$	3,051,947
680 – 739			68,225			86,857			50,699			43,075			42,753			144,223			—			—			435,832
620 – 679			11,867			12,564			9,988			6,352			9,310			41,478			—			—			91,559
550 – 619			—			1,018			171			1,322			1,752			11,788			—			—			16,051
Less than 550			—			1,274			—			346			2,545			2,807			—			—			6,972
No Score (3)			10,207			8,602			15,988			21,087			18,814			51,217			—			—			125,915
Other (2)			10,440			17,605			12,917			11,910			19,349			20,130			625			155			93,131
Total Residential Mortgage			671,281			803,083			418,810			308,919			388,376			1,230,158			625			155			3,821,407
Home Equity Line
FICO:
740 and greater			—			—			—			—			—			—			610,924			1,757			612,681
680 – 739			—			—			—			—			—			—			147,286			3,619			150,905
620 – 679			—			—			—			—			—			—			39,660			2,036			41,696
550 – 619			—			—			—			—			—			—			12,966			1,256			14,222
Less than 550			—			—			—			—			—			—			2,025			47			2,072
No Score (3)			—			—			—			—			—			—			3,792			—			3,792
Total Home Equity Line			—			—			—			—			—			—			816,653			8,715			825,368
Total Residential Lending			671,281			803,083			418,810			308,919			388,376			1,230,158			817,278			8,870			4,646,775
Consumer Lending
FICO:
740 and greater			82,086			97,867			100,874			77,671			38,340			16,537			112,925			284			526,584
680 – 739			50,771			70,303			73,024			48,071			26,097			12,183			70,627			747			351,823
620 – 679			21,372			31,170			37,145			25,852			17,799			9,120			31,515			1,258			175,231
550 – 619			2,887			9,729			17,206			14,016			11,217			6,263			10,652			1,234			73,204
Less than 550			322			3,826			6,934			5,439			3,757			2,295			3,184			748			26,505
No Score (3)			834			63			85			51			87			4			33,144			420			34,688
Other (2)			394			370			1,759			52			2,183			49			74,717			—			79,524
Total Consumer Lending			158,666			213,328			237,027			171,152			99,480			46,451			336,764			4,691			1,267,559
Total Loans and Leases		$	1,818,668		$	1,992,502		$	1,928,978		$	1,424,076		$	1,110,131		$	2,769,127		$	2,021,085		$	39,218		$	13,103,785

________________________
⁽¹⁾   Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

⁽²⁾   Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

⁽³⁾   No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

GAAP to Non-GAAP Reconciliation																				Table 14
			For the Three Months Ended												For the Six Months Ended
			June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)			2021				2021				2020				2021				2020
Income Statement Data:
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
Core net income			$	87,704			$	57,693			$	20,204			$	145,397			$	59,007
Average total stockholders’ equity			$	2,691,966			$	2,727,701			$	2,697,775			$	2,709,735			$	2,679,293
Less: average goodwill				995,492				995,492				995,492				995,492				995,492
Average tangible stockholders’ equity			$	1,696,474			$	1,732,209			$	1,702,283			$	1,714,243			$	1,683,801
Average total assets			$	24,015,065			$	22,944,699			$	22,341,654			$	23,482,839			$	21,327,479
Less: average goodwill				995,492				995,492				995,492				995,492				995,492
Average tangible assets			$	23,019,573			$	21,949,207			$	21,346,162			$	22,487,347			$	20,331,987
Return on average total stockholders’ equity(1)				12.92		%		8.58		%		2.99		%		10.75		%		4.42		%
Core return on average total stockholders’ equity (non-GAAP)(1)				13.07		%		8.58		%		3.01		%		10.82		%		4.43		%
Return on average tangible stockholders’ equity (non-GAAP)(1)				20.51		%		13.51		%		4.74		%		16.99		%		7.04		%
Core return on average tangible stockholders’ equity (non-GAAP)(1)				20.74		%		13.51		%		4.77		%		17.10		%		7.05		%
Return on average total assets(1)				1.45		%		1.02		%		0.36		%		1.24		%		0.56		%
Core return on average total assets (non-GAAP)(1)				1.46		%		1.02		%		0.36		%		1.25		%		0.56		%
Return on average tangible assets (non-GAAP)(1)				1.51		%		1.07		%		0.38		%		1.30		%		0.58		%
Core return on average tangible assets (non-GAAP)(1)				1.53		%		1.07		%		0.38		%		1.30		%		0.58		%

			As of				As of				As of				As of
			June 30,				March 31,				December 31,				June 30,
			2021				2021				2020				2020
Balance Sheet Data:
Total stockholders’ equity			$	2,731,341			$	2,683,630			$	2,744,104			$	2,701,897
Less: goodwill				995,492				995,492				995,492				995,492
Tangible stockholders’ equity			$	1,735,849			$	1,688,138			$	1,748,612			$	1,706,405
Total assets			$	24,246,328			$	23,497,596			$	22,662,831			$	22,993,715
Less: goodwill				995,492				995,492				995,492				995,492
Tangible assets			$	23,250,836			$	22,502,104			$	21,667,339			$	21,998,223
Shares outstanding				129,019,871				129,749,890				129,912,272				129,866,898
Total stockholders’ equity to total assets				11.26		%		11.42		%		12.11		%		11.75		%
Tangible stockholders’ equity to tangible assets (non-GAAP)				7.47		%		7.50		%		8.07		%		7.76		%
Book value per share			$	21.17			$	20.68			$	21.12			$	20.81
Tangible book value per share (non-GAAP)			$	13.45			$	13.01			$	13.46			$	13.14

________________________
⁽¹⁾   Annualized for the three and six months ended June 30, 2021 and 2020 and three months ended March 31, 2021.

GAAP to Non-GAAP Reconciliation																				Table 15
			For the Three Months Ended												For the Six Months Ended
			June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)			2021				2021				2020				2021				2020
Net interest income			$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Core net interest income (non-GAAP)			$	131,481			$	129,158			$	127,822			$	260,639			$	266,505
Noninterest income			$	49,371			$	43,868			$	45,656			$	93,239			$	94,884
(Gains) losses on sale of securities				(102	)			—				211				(102	)			126
Core noninterest income (non-GAAP)			$	49,269			$	43,868			$	45,867			$	93,137			$	95,010
Noninterest expense			$	99,388			$	96,306			$	91,450			$	195,694			$	187,916
One-time items(1)				(1,160	)			—				—				(1,160	)			—
Core noninterest expense (non-GAAP)			$	98,228			$	96,306			$	91,450			$	194,534			$	187,916
Net income			$	86,741			$	57,693			$	20,049			$	144,434			$	58,914
(Gains) losses on sale of securities				(102	)			—				211				(102	)			126
One-time noninterest expense items(1)				1,160				—				—				1,160				—
Tax adjustments(2)				(95	)			—				(56	)			(95	)			(33	)
Total core adjustments				963				—				155				963				93
Core net income (non-GAAP)			$	87,704			$	57,693			$	20,204			$	145,397			$	59,007
Basic earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Diluted earnings per share			$	0.67			$	0.44			$	0.15			$	1.11			$	0.45
Efficiency ratio				54.74		%		55.53		%		52.70		%		55.12		%		51.99		%
Core basic earnings per share (non-GAAP)			$	0.68			$	0.44			$	0.16			$	1.12			$	0.45
Core diluted earnings per share (non-GAAP)			$	0.68			$	0.44			$	0.16			$	1.12			$	0.45
Core efficiency ratio (non-GAAP)				54.13		%		55.53		%		52.64		%		54.81		%		51.97		%

________________________
⁽¹⁾   One-time items consisted of severance costs.

⁽²⁾   Represents the adjustments to net income, tax effected at the Company’s effective tax rate for the respective period.